401(k) Plan

The FLYR 401(k) Plan is an easy, tax-friendly way to help you reach your future financial goals.

The FLYR 401(k) Plan is an easy, tax-friendly way to help you reach your future financial goals. All US employees are automatically enrolled at 1% contribution and employer match. FLYR will contribute 25% to your account for every dollar you contribute, up to 8%.

With the 401(k) Plan, you elect a percentage of your pay to contribute, and FLYR automatically deducts that amount from your paycheck and deposits it into your 401(k) account in the investments you’ve chosen.

Download the Guideline Welcome Guide for a quick overview of your plan details.

If you don’t know where to start, start here.

Your FLYR 401(k) Plan

Eligibility

All US employees over age 21 are eligible to participate in the FLYR 401(k) Plan. Participation begins the first day of the pay period after or coincident with the date eligibility requirements are met.

Do you have a Guideline account from a previous employer?

You can reach out to Guideline via support@guideline.com to let them know you want to combine the accounts. In your email, please reference our Plan ID: 17D20004. Please note if your personal email is the same as the one you had previously you will need to let Guideline know or we may not be able to create your account.

Automatic enrollment

You will automatically be enrolled in the FLYR 401(k) Plan at a contribution level of 1% of your pay.* This will be deducted from your paycheck and deposited in the 401(k) Plan. This contribution, along with any matching contributions, will be invested into one of Guideline’s professionally managed portfolios based upon your current age and estimated time to retirement.

Look for the welcome email from Guideline for detailed information. You may opt-out or choose a different contribution rate at any time by logging on to the Guideline portal to decide how much to contribute and which investments to select.

* Your pay is defined as W2 compensation.

Opt Out

If you do not wish to participate in the FLYR 401(k) Plan you may opt out. To opt out, simply set up your account with Guideline and select “Opt Out”. If you initially decide to participate but change your mind at a later date, you can change your contribution rate to 0% at any time. Remember, if you opt out or adjust your contribution rate to 0%, you will not receive any employer contributions from FLYR.

Your Contributions

Your contributions to the plan come out of your paycheck before taxes are taken out and can be invested in a variety of ways within the plan. You are immediately 100% vested in both your own contributions and in the employer matching contributions (that means the money is yours as soon as it goes into your account).

For 2024, you can set aside up to a total of $23,000 a year
If over 50, you can set aside an additional $7,500 in “catch-up” contributions

Please be aware that the annual IRS limits apply to any retirement account you may have. You should take the total contribution limit into account, especially if you contributed to a retirement account with a former employer or through an individual IRA.

FLYR Contributions

In addition, FLYR will make matching contributions of 25 cents on the dollar up to 8% of eligible pay. Here’s how the plan works:

Guideline

888-344-5188

https://my.guideline.com

support@guideline.com

If you contribute...

FLYR will contribute to your account ...

4% of your eligible pay

6% of your eligible pay

8%+ of your eligible pay

1% in employer contributions

1.5% in employer contributions

2% in employer contributions

Manage your account

You can manage your FLYR 401(k) Plan account through the Guideline portal. This portal displays current information about your 401(k) account balance, contributions, investment choices, and other plan information. It also allows you to:

Change your contribution %
Change your investment elections
Rebalance your investments
Research fund performance
Project your retirement income progress
Print a statement
Read or download resource materials and forms

Plan distributions

If you leave FLYR, you may take a distribution or roll your balance over to your new employer’s plan or an IRA account. Please consult the plan portal for more information.

There are two situations where it is possible to receive distributions while employed at FLYR: a participant loan and a financial hardship distribution. Note that no more than two hardship distributions may be made during a plan year. For more information, please consult the plan description found on the Guideline portal.

It is important to note that distributions may have potential tax consequences and you should carefully consider those consequences and / or consult with your tax advisor before taking a distribution.

The following article outlines the options employees have once terminated: What happens to my Guideline 401(k) account if I leave my company?

Loans

Participants are only able to have one loan out at a time. In order to be eligible for a loan, you cannot have any other outstanding loans with Guideline. Loans must be paid off in full before a participant is eligible to apply for another loan.

Rollovers

If you have a retirement plan from a previous employer, you can roll over your funds to your Guideline 401(k) account with FLYR.

Additional Related Resources

Conditions for disbursements are defined and can be found under your plan rules which are referenced in the Summary Plan Description document.

The official plan document governs all aspects of the 401(k) plan. Employees should refer to the plan document for accurate and complete information. In case of any inconsistencies, the plan document prevails.